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Environmental and Pest Analysis: an Approach to External Business Environment Merit Research Journal of Art, Social Science and Humanities Vol. 1(2) pp. 013-017, June, 2013 Available online http://www.meritresearchjournals.org/assh/index.htm Copyright © 2013 Merit Research Journals Review Environmental and pest analysis: An approach to external business environment Dr. Abhishek Gupta Administrative-cum-Accounts Officer and Head of Office, Sardar Swaran Singh National Institute of Renewable Energy (Ministry of New and Renewable Energy, Govt. of India, Wadala Kalan, Kapurthala-144601 (Punjab) Email: [email protected]; Tel.: 01822-255090, 09592010278 Accepted June 18, 2013 Environmental management, a term encompassing environmental planning, protection, monitoring, assessment, research, education, conservation and sustainable use of resources, is now accepted as a major guiding factor for sustainable development at the regional and national level. It is now being increasingly recognized that environmental factors and ecological imperatives must be in built to the total planning process if the long-term goal of making industrial development sustainable is to be achieved. Here we will try to define and discuss the role of Environmental Analysis in the strategic management process of organization. The present complex world require as far as is feasible, it consider impact of important factors related to organizations in strategic planning. The strategic planning of business includes all functional subdivisions and forwards them in a united direction. One of these subsystems is human resource management. Strategic human resource management comes after the strategic planning, and followed by strategic human resource planning as a major activity in all the industries. In strategic planning, it can use different analytical methods and techniques that one of them is PEST analysis. This paper introduces how to apply it in a new manner. Keywords: Environmental management, Industrial development, Analysis, Business, Human resources, Industries, Pest analysis INTRODUCTION The PEST Analysis changes. Political changes might be expected to include, for instance, general changes in the domestic political The PEST analysis is the most common approach for climate, the effects of European integration and the after- considering the external business environment. PEST effects of the break-up of the Soviet Union, government analysis stands for Political, Economic, Social, and change, world power shifts, as well as specific legislation Technological analysis and describes a framework of and regulation. Economic changes is likely to include the macro-environmental factors used in the environmental effects of economic cycles, patterns of world trade, scanning component of strategic management but the currency conversion rate changes, commodity prices, word PEST is no more than a convenient mnemonic. The changes in capital markets, labour markets and rates, underlying thinking of the PEST analysis is that the and economic effects on suppliers and particular groups enterprise has to react to changes in its external of customers. Social change includes the effects of environment. This reflects the idea that strategy requires demographic patterns, tastes and habits, and concerns a fit between capabilities and the external environment about the environment and sustainable development. and so it is necessary for an enterprise to react to Technological change covers the effects of technological 014 Merit Res. J. Art Soc. Sci. Humanit. change on products, processes, and distribution short run with the idea that it will hurt competitors more, channels. The PEST analysis is very general in nature and in the long run, the initiating firm will gain some and this makes it difficult to give clear rules on how best advantage over the others. Rivalry is usually exhibited in to apply it in varying circumstances. Global or price wars, advertising barrages and product proliferation. geographically dispersed enterprises will have to conduct Rivalry is damaging to industry profitability because it is separate PEST analysis for different regions as trends costly. Businesses generally try to minimize rivalry within occur at different rates in different places. The value of the bounds of law; however, many factors can create or the PEST is likely to relate directly to the quality of the escalate rivalry in an industry and they should be effort put into it. This time spent thinking about how carefully monitored as part of the environmental analysis external change will affect the enterprise and its industry process. As rivalry increases, average profitability is is likely to be well spent. pushed down, all other things being equal. Rivalry is greater when there are many small firms in an industry or when there is no clearly dominant firm to set and enforce Industry analysis: A market assessment tool standards for competition. Economies of scale exist for current competitors in the An industry is a collection of firms offering goods or industry. New entrants must incur the capita’ costs of services that are close substitutes of each other. large production facilities to keep their unit costs down Alternatively, an industry consists of firms that directly and maintain competitive prices, or they may forego the compete with each other. In other words an industry is a large employees to, management must consider other group of firms producing a similar product or service, staffing alternatives. Absolute cost advantages exist such as soft drinks or financial services. An examination when current competitors have lower costs. This may be of the important stakeholder groups, such as suppliers due to patents, favourable long-term supply contracts, or and customers, in a particular corporation’s task experience in operations. Brand loyalty and product environment is a part of industry analysis. An authority on differentiation are present in the industry. Users view the competitive strategy contends that a corporation is most product/service as unique and are fewer prices sensitive. concerned with the intensity of competition within its This makes it difficult for new competitors to establish a industry. There are five forces, which work together to market position. Government regulations limit new determine the type and direction of pressures on competitors. Start-up costs are high. Current competitors profitability that will be found in a given industry. When move to make it difficult for new entrants to establish these forces of competition are favourable, there will be themselves. This may be done by cutting prices in less downward pressure on profitability, and the industry markets where new products are being tested as long as should have a higher average level of profitability. When such pricing is not predatory. the structural factors are unfavourable, there will be more It should be rioted that entry barriers are most downward pressure on profitability and a correspondingly effective against start-ups. The only entry barrier, which lower average level of profitability. A company, which is seems to be consistently effective against entry by competing in an industry with an unfavourable structure, acquisition, is the reaction of existing competitors. must find a, ways to gain an advantage over its Substitute products: Industry sales and profitability are competitors, which will allow it to earn above average limited by what the customer will pay for a given level of level of profitability. If no competitive advantage can be quality or service when alternatives are available. developed, it may be possible to change the structure of Commercial banking companies often switch from high- the industry. If changing the structure is not a viable fructose corn sweeteners to sugar when the price of alternative, the company should consider exiting the sugar decreases and switch back when the price of sugar industry. A company, which is operating in an industry increases. As a result profits in the high-fructose corn with a favourable structure, should work to maintain the syrup industry are limited by the price of sugar. When structure. there is a strong threat of substitution, average profitability can suffer. The threat of substitution holds down industry profits by allowing buyers options. The Industrial rivalry threat of substitution is greater when switching costs are not significant. Substitutes provide about the same value The force of competition reflects the interactions among for cost. Buyers are in the habit of substituting. competitors who produce products or services that are close substitutes for each other. These competitors are collectively known as the industry. An industry, which is Industries: Global competition characterized by firms trying to edge out each other for market share is said to be experiencing rivalry. Rivalry is Over time most industries evolve through a series of more intense than ordinary competition. Firms take stages form growth through maturity to eventual de- actions, which may damage their own profitability in the cline. The strength of each of six forces mentioned earlier Gupta 015 varies according to the stage of the industry evolution. strategic management because it produces much of the The industry life cycle is useful for explaining and information, which is, requires to assess the outlook for predicting trends among the six forces driving industry the future. The environment is a significant source of competition. For example, when an industry is new, change. Some organizations become victims of change, people
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